LightStream is a division of Truist Bank and is an online lender. It offers low-interest, fixed-rate loans for any purpose, with no collateral required.
LightStream, an online-only lender, provides unsecured personal loans with competitive rates and flexible terms. If you're approved for a loan, you can deposit the funds into your account as soon as the same day you approve it. There are no fees, such as origination fees, late fees, or early payment fees.
LightStream provides a unique lending method that enables loanborrowers with good credit to borrow money for purchases that usually require collateral or otherwise lack financing options, according to LightStream.
If you want to buy a car, refinancing an existing car loan, financing home enhancements, timeshare financing, buying a boat or aircraft, IVF financing, jewelry financing, medical and dental financing, including adoption costs, buying a horse, and more, LightStream loans can be utilized for virtually any purpose, including buying a car, refinancing an existing car loan, financing home improvements, timeshare financing, buying a boat or aircraft, IVF financing, jewelry financing, medical and dental financing, covering adoption costs, buying a horse, and more. To apply for a loan, you must observe that you must use your loan proceeds for the purposes you indicate in your application.
A few exceptions to their liberal use-of-fund policy, however. LightStream loans are not used for the following purposes.
One of the unique features of working with LightStream is that it plants a tree for every loan it offers as a way to celebrate its virtually paperless loan process. The lender works with American Forests and has planted over a million trees for customers.
LightStream has a program. If you were approved for a lower rate on a competitor's unsecured loan, LightStream will beat it by 0.10%.
LightStream relies on the individual's financial situation to determine its lending decisions, based on the current profile of each individual.
LightStream only approves loans for borrowers with good-to-excellent credit profiles, he said. To be successful, successful applicants must possess the following qualities:
•• An excellent history of on-time payments.
When your payment comes directly out of your bank account, LightStream offers an AutoPay discount, which is considered a more efficient arrangement. If you choose to pay by invoice, your rate will be 0.50% higher.
Since 2021, LightStream has been accredited by the Better Business Bureau. It has a BBB A+ rating, though users rate it just 1.32 out of 5 stars.
LightStream, rated 1.8 out of 5 stars by trustpilot users, was rated 1.8 out of 5 by TechCrunch. negative reviews say that they have difficulties getting approved for a loan even if they have a good credit or getting preapproved only to have the official loan application rejected.
LightStream customer service is available Monday to Friday from 9:30 a.m. to 7 p.m. LightStream personal loans are available for borrowers with good credit who don't want to put up collateral to get approved for financing. Borrowers who need money for purposes that many lenders might not allow may use LightStream's use-of-funds policy as a means to finance those goals.
However, LightStream does not offer loan pre-approvals. It also doesn't take application information by phone, fax or email. To apply to a loan, you must complete and submit an online application.
After submitting your application, you will receive a response within 24 hours. To review the loan offer, you can review it and accept it. When approved, you will e-sign your loan agreement and get set up for funding. Loans can be funded as soon as the same day.
Today, LightStream is one of many lenders offering low-priced personal loans. If you want to commit to a loan from LightStream, consider some alternatives.
Best Egg is a similar online lender that offers unsecured personal loans at a fast rate. The interest rates are similar to LightStream's, which range from 8.99% to 35.99%. Although lenders with good credit will likely get the best rates and terms, Best Egg notes that it considers more than just the credit score of the applicant when making lending decisions.
Best Egg, unlike LightStream, charges an origination fee of 0.99%-8.99%. It also offers smaller loan amounts, with the maximum being $50,000.
A SoFi personal loan may be a good choice for individuals who want to borrow a higher amount at a competitive rate. Both LightStream and SoFi offer loan amounts of $5,000 to $100,000. SoFi's longest repayment term is 84 months, compared to LightStream's 144 months. SoFi provides members with a variety of valuable tools, such as unemployment protection, career coaching, and networking opportunities.
LightStream only approves applicants with a good-to-excellent credit score. If you have poor credit or no credit history, you will likely be denied a LightStream personal loan.
LightStream doesn't offer a specific credit score for borrowers to qualify for a loan. However, applicants must have a score that falls within the 'good' or higher range, which would be a FICO score of at least 670 and up.